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Report Date : |
19.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
AL ZATARI MODERN LTD. |
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Registered Office : |
Ras Al Jura
Hebron West Bank Palestinian Authority |
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Country : |
Israel |
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Year of Incorporation : |
2007 |
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Legal Form : |
Foreign Private Limited Company |
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Line of Business : |
Manufacturers
and marketers of bathroom and floor mats. |
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No. of Employees : |
7 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Israel |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
ISRAEL - ECONOMIC OVERVIEW
Israel has a technologically advanced market economy. Its major imports include crude oil, grains, raw materials, and military equipment. Cut diamonds, high-technology equipment, and pharmaceuticals are among the leading exports. Israel usually posts sizable trade deficits, which are covered by tourism and other service exports, as well as significant foreign investment inflows. The global financial crisis of 2008-09 spurred a brief recession in Israel, but the country entered the crisis with solid fundamentals - following years of prudent fiscal policy and a resilient banking sector. The economy has recovered better than most advanced, comparably sized economies. In 2010, Israel formally acceded to the OECD. Israel's economy also has weathered the Arab Spring because strong trade ties outside the Middle East have insulated the economy from spillover effects. Natural gasfields discovered off Israel's coast during the past two years have brightened Israel''s energy security outlook. The Leviathan field was one of the world''s largest offshore natural gas finds this past decade, and production from the Tama field is expected to meet all of Israel''s natural gas demand beginning mid-2013. In mid-2011, public protests arose around income inequality and rising housing and commodity prices. The government formed committees to address some of the grievances but has maintained that it will not engage in deficit spending to satisfy populist demands.
|
Source
: CIA |
AL ZATARI MODERN
LTD.
Telephone 972 2 222 08 43
Fax 972 2 222 52 65
Ras Al Jura
HEBRON WEST
BANK PALESTINIAN AUTHORITY
A foreign private limited company,
established in 2007 and registered in the Palestinian Authority as per file No.
56-214128-3, continuing activities which were operated as a sole proprietorship
for many years.
Data not forthcoming.
1. Abedel Magid Husein Al Zatari,
2. Farage Al Zatari,
3. Farid Al Zatari,
4. Abdel Magid Al Zatari,
5. Firar Al Zatari.
Shareholders are
grandfather (shareholder No. 1), his 2 sons and his 2 grandchildren.
Farid Al Zatari.
Manufacturers and
marketers of bathroom and floor mats.
Operating from
premises (plant, officer and shop), owned by Abdel Magid Husain Al Zatari, on
an area of 150 sq. meters, in Ras Al Jura, Hebron, Palestinian Authority, and
from a warehouse, owned by Abedel Magid Husain Al Zatari, on an area of 500 sq.
meters, in close proximity to the office.
Having 7
employees.
Current stock is
valued at NIS 700,000.
Property owned by
Abedel Magid Husain Al Zatari (where subject is operating from) is highly
valued.
Other financial
data not forthcoming.
2011 sales claimed
to be NIS 1,500,000.
2012 sales claimed
to be NIS 1,500,000.
We are informed
that 2013 sales to date are similar to the previous years.
Bank of Palestine Plc,
Hebron Branch (Al Salam St.., P.O. Box 471), Hebron, West Bank, Palestinian
Authority.
Nothing
unfavorable learned.
The Palestinian
Authority is presently in a state of crisis, with a dire shortage in cash, in
fact on the verge of bankruptcy, where the authorities are unable to pay
salaries, delay in payment of US$ 500,000 to the private and public sectors,
and fear it will be unable to redeem loans in volume of US$ 1.2 billion. With a
trade deficit of US$ 4 billion (50% of GDP), the Palestinian economy, which
grew by an average of 9% in the years 2008-2010 (was nearly zero in 2007), show
clear signs of slow-down in the macro aspect, with 5.8% growth in 2011 in the
West Bank (figures for 2012 are ambiguous).
Much of the growth was attributed to the foreign aid received, though
over the last period there have been delays in the transfer of the promised
donation - in 2011 & 2012 it received outside support of US$ 1.5 billion
& US$ 1.78 billion, respectively, though much less than expected.
It should be noted
that according to reports, on the private business level, the crisis is less
felt at this stage in the Palestinian city's streets, though if the
governmental/public sector collapses – as such warnings exists – that may drag
the banking and financial sector down and eventually reach the private sector.
Other current
indicators are still alarming, mainly in the Gaza Strip, such as high
unemployment rates (19% in the West Bank in 2012, over 30% in Gaza), and
poverty (70% in Gaza).
According to World
Bank and Palestinian Investment Promotion Agency, total GDP of the Palestinian
Economy in 2008 was US$ 4.6 billion, and GDP per capita is US$ 1,290 (was
US$1,272 in 2006). These figures include the West Bank and Gaza Strip, whose
economy has been in different condition. GDP per capita (or average annual
income per capita) in the West bank has climbed to US$ 2,800 by 2009 and around
US$ 3,000 in 2010/11, while remains low in Gaza – around US$ 1,000 per capita
In terms of
foreign trade, Total Import in 2007 summed up to US$ 3,141 million, while Total
Export reached US$ 513 million. 80% of imported goods to the Palestinian
Territories are carried out via Israel.
The Palestinian
economy suffered a set-back in recent years, following the rising of the Hamas
government in Gaza Strip in 2007, which led to internal conflict and clashes
between the Hamas supporters and those of the Phatah movement.
While the
political situation has been stable in the West Bank (controlled by Phatah)
leading to economic growth in recent years, the condition in the Gaza Strip
deteriorated drastically, also due to the blockage on goods movement in and out
the Strip for long period. The situation in Gaza Strip improved drastically
since 2010, with overseas donation and the partial lifting of goods blockage –
Gaza Strip economy grew by 26% in the first 3Q of 2011 (16.5% in 2010, 1% in
2009) according to the International Monitory Fund (IMF), though situation is
still critical. Yet, deterioration occurred due to the military fight with
Israel in late 2012.
Good for trade engagement.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.71 |
|
|
1 |
Rs.90.59 |
|
Euro |
1 |
Rs.78.22 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.